Excess oil will remain 2016, the IEA forecasts

Almaty. October 14. Silkroadnews - The International Energy Agency (IEA) notes that the excess of oil will continue in 2016, reported the newspaper "Vedomosti".
"The growth in demand for oil, caused by the fall in prices, will slow down next year after the global economy, and because of this will remain an excess of supply over demand", - writes in its monthly report the IEA.
Production in the OPEC countries as a whole is growing, as well as in some non-OPEC countries: for example, Russia and Brazil in August mined record volumes. Offer for oil in September, according to the IEA, was 96.6 million barrels per day.
The consumption this year will grow by 1.8 million barrels and 94.5 million barrels a day. However, next year the growth rate will fall to 1.2 million barrels a day. IMF forecasts lowered the estimate of global economic growth from 3.3% to 3.1% in 2015 and from 3.8% to 3.6% - in 2016.
The world's biggest oil consumers such as the US and China, increased purchases of oil this year, in particular due to an increase in demand for cheapened gasoline. However, "the euphoria provoked by low prices", falls, said the IEA.
In addition, the situation negatively affects the deterioration of the economic situation in oil-dependent countries, such as Canada, Brazil, Russia, Venezuela, Saudi Arabia.
"Due to the prolonged slowdown in demand in the next year, expected arrival in the market of additional barrels from Iran in the case of easing international sanctions, oversupply is likely to continue during 2016", - concluded the experts of the IEA.
By their estimation, after easing sanctions early next year, Iran can quickly increase production to 3.6 million barrels from the current 2.9 million barrels a day.